So you had the opportunity to look at a lot of different decisions you may need to make as a manager. Navigating the costs, which are relevant and which don’t matter in multiple different situations, will be helpful in your job.
Learning how to price your product may also be an important component of your work! Do you have a unique item that you can price for maximum profit? Or do you make an item that the market will only pay a certain price for? You can make the best copy paper ever, but if the people buying the paper are not willing to pay extra, you need to reassess your pricing structure!
As you worked through the examples, there were instances where a company was losing money with every item sold! Knowing, as a manager, what products to keep, which processes to outsource, can help make a company more profitable!
- Putting It Together: Managerial Decisions. Authored by: Freedom Learning Group. Provided by: Lumen Learning. License: CC BY: Attribution